About Odoo

Category: Bookkeeping
Its accounting application allows you to run your accounts payable efficiently and accounts receivable operations, analytic accounting, asset and revenue management, charts of accounts, and several other accounting procedures.

Company: Odoo

Odoo is a SaaS company that runs a suite of business management software. Their tools include CRM, e-commerce, billing, accounting, manufacturing, project management, and inventory management. With over 7 million users worldwide, its software is built for businesses big and small.

In-Depth Analysis

0 Overall
Price 4.5
Ease Of Use 4.5
Features 4.0
Support 4.5

Pros

  • Highly intuitive and easy to use
  • Excellent reconciliation features
  • Mobile-friendly
  • Flexible and highly customizable

Cons

  • Average customer support
  • Complicated pricing structure

Odoo Comparisons

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Plans & Pricing

Unlike most other accounting software on the market, Odoo’s plans and pricing are not exactly straightforward. Also, given that the software is a suite of business applications, it comprises several applications with unique pricing structures. 

Ultimately, the overall cost of using this software is determined by the hosting you select. These hosting types include Standard Cloud Hosting, Self-Hosting, and the Odoo.sh Cloud Platform.

In addition to the regular pricing for this software, there are some other transactions you may need to pay for. These transactions are outlined below:

Additional Applications: $4-$20 per month

Integration with Shipping Solutions: $15 per month

Amazon Connector: $40 per month

eBay Connector: $26 per month

Additional Users: $10 per month per user

Success packs: From $1,150 per pack

Standard Cloud Hosting
$0
/mo
Free version
Self-hosting
$36
/mo /user
15-day Free trial
Odoo.sh Cloud Platform
$84.20
/mo /user
15-day Free trial

Standard Cloud Hosting

This hosting is also known as Odoo’s free plan, and it is completely cloud-based. It gives you access to Odoo’s accounting and invoicing applications at zero costs – irrespective of the number of your users. Nevertheless, you’ll need to pay the cost of using any additional application your business may need at a later time. You also do not have access to detailed support from the Odoo support team.

Since you’ll need storage space on this plan, server storage known as the Odoo.sh storage at $0.25 per GB is also included in the monthly sum. Finally, an Odoo worker will be attached to your business for implementation and functionality support. For each worker, you’ll pay $72 every month, and you can choose to have more than one worker attached to your business.

Self-Hosting

To run your business using Odoo’s self-hosting option, you’ll need compatible systems for installation and use. The requirements for this compatibility are listed on their website.

This hosting also requires a monthly payment of $18 for access to the Odoo accounting application. $8 per month for the accounting application, $4 per month for the invoicing app, and $8 per user (with a $2 discount for new customers).

Odoo sh. Cloud Platform

Odoo sh. Cloud Platform is an advanced cloud-based hosting option that is ideal for large business owners. It features DNS and routes, email gateways, and staging and backup servers to enable business owners to use the platform online and still have their data backed up on featured servers.

The Odoo.sh cloud platform comes at a gross monthly rate of $112.75, with each user’s access costing $10. In addition, the Odoo accounting application costs $10, and the invoicing app goes for $5.

Ease of Use

While a few users may prefer stand-alone accounting software, Odoo didn’t trade intuitiveness for versatility. As a result, its accounting software is still easy to use. Users can quickly complete their accounting processes on the software with minimal errors.
Odoo has a cloud-based Standard platform which eliminates the need for complex implementation hardware requirements. This option only requires that users have internet access and a supported browser. However, to use the more advanced Odoo.sh Cloud Platform, you’ll need to have a system with certain specifications for proper installation and implementation.
Implementing the advanced Odoo option will not constitute a problem because an Odoo worker is included in the package. You’ll not need to hire external hands for implementation.
Odoo accounting also comes in a mobile application to help users complete accounting operations while on the go. You can deploy this app on iOS and Android devices.

Features & Functionality
General Features

Journal and Ledger Entries

One of Odoo’s exciting bookkeeping features incudes journal and ledger entries. This tool helps you create journals for your customer invoices, credit notes, bank transactions and supplier bills. You can also set specific journals to specific accounts to eliminate the possibilities of entering data in a wrong journal.

There is also a general ledger comprising of debits and credits in your entire business transactions. You can filter the ledger reports for more than one account, and also print as necessary.

Profit and Loss Reports and Balance Sheet

Odoo’s balance sheet gives you insights into your business’s assets, liabilities, and stakeholder’s equity for every period. While preparing your financial report, this tool allows you to set a default account for Reserve and profit and loss. You can also print each report as necessary.

Cash and Bank Reconciliation

Odoo accounting’s cash and bank tool helps in completing error-free reconciliation. Its direct reconciliation proposition ensures that your payments (online, cash, and bank) are rightly matched with your bills and invoices.

The software works in sync with more than 15,000 banks, allowing for automated bank feed, multiple-format statement transfer, and accurate register management. There are also system-generated reconciliation reports to ease your audit processes.

Cash and Bank

Odoo accounting’s cash and bank management feature empowers users for error-free reconciliation. In addition, its direct reconciliation proposition ensures that your payments (online, cash, and bank) are rightly matched with your invoices.

The software supports more than 15,000 banks and allows for automated bank feed, accurate register management, and multiple-format statement transfer. You also have system-generated reconciliation reports to help you during auditing.

Asset Management

The Odoo accounting app features an all-encompassing revenue tool to help you identify, manage and grow your business assets.

Accounting Reports

Odoo takes account reporting a notch higher by ensuring that you can generate reports and synchronize them across multiple company profiles. From its customizable dashboard, you can automate the calculation of your P and L, annotate each report and set your users’ lock entry.

odoo accounting dashboard

Features
  • General Ledger
  • Manages Accounts Payable/Receivable
  • Income & Expenses Tracking/Management
  • Account Reconciliations
  • Bookkeeping Services Integration
  • Financial Reporting
  • Receipt Scanning
  • Invoicing
  • Dashboards
  • Auditing
  • Inventory Tracking/Management
  • Pay Bills
  • Cloud-based
  • Collections
  • Multi-currency
  • Multi-user Access
  • Manage Vendors/Contacts
  • Manage Purchase Orders
  • Bank and Credit Card Synchronization
  • Payroll Management
  • Convert Quotes to Invoices
  • Mobile App
Tax Preparation
Features
  • Tax Compliance
  • Manage Tax Calculations/Reporting
  • Accountant-prep Friendly/Accessible
Time-Saving Automations
Features
  • Automation of Invoices/Notifications
  • Suggests Transaction Matches
  • Purchase Order Automation
Add-Ons

Odoo’s vast integrations and customizations make it an excellent choice for businesses that thrive on flexibility. In addition, the entire suite features 39 other applications you can easily purchase to have all your business tools in one place.

You can also integrate the Odoo software with Google spreadsheets to make accounting less burdensome for your business. Its API also ensures that you sync your accounting tool with other third-party applications for improved efficiency. We can’t leave out the Odoo Studio app that allows you to build applications that are unique to your business – even without coding experience.

You can also integrate the Odoo accounting application with TaxCloud, VOIP, and eCommerce plug-ins like eBay and Amazon. You can also sync shipping services like UPS, EasyPost, FedEx, and DHL with the software. However, each of these integrations comes at an additional fee paid monthly.

Features
  • Payment Processing
  • Payroll Processing
  • Project Management
  • Time tracking
  • Third-party Integrations
Supported Devices
Features
  • Windows
  • Android
  • Linux
  • iPhone/iPad
  • Mac
  • Web-based
Pricing Model
Features
  • Monthly Payment
  • One-Time Payment
  • Annual Subscription
Verdict

Odoo accounting makes for an ideal platform for business owners looking to scale their operations flexibly. If your business thrives on multiple digital solutions, this software’s integration and customization options will do you good. If you’re also looking for an averagely priced system, Odoo would be a great option.
However, if you run a large business, Odoo accounting may not meet up with your business’s need for more advanced accounting features like bookkeeping, financial reporting, and treasury supports. But then, you have up to 15 days to try the premium options of this software. Its features may well be all your business needs.

Fakhar Imam
Author: Fakhar Imam
Fakhar Imam is a Cybersecurity and Academic Writer with a higher education degree in the Master of Sciences in Information Technology (MSc-IT). He is also experienced with writing VPN reviews, blogs, and articles. Moreover, he has written dissertations, whitepapers, e-books, and a lot more about cybersecurity and IT. Fakhar believes in providing a masterpiece of work on time.
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